RMBS

The collateral consists mainly of older homes that average 53 years (with a range of one to 129 years old). None of CoreVest’s SFR transactions since launching the platform in 2015 have eclipsed that average.

Despite rising delinquency levels, borrower performance on the underlying mortgages in GSE credit-risk transfer securitizations is strong enough to warrant ratings upgrades to more than half of nearly 1,200 outstanding note classes.

The Italian bank is reportedly close to completing the sale to Cerberus Capital Management, Bank of America and Illimity Bank SpA.

The deal is backed by an underlying pool of 1,724 fixed-rate mortgages originated by Blackstone-owned Finance of America Mortgage.

Because automated valuation models have not been subjected to a stressed housing market, their increased use holds negatives and positives for residential mortgage-backed securities credit quality, a Moody's report said.

Alternative investment manager Pretium plans to buy Deephaven, a residential mortgage-backed securities issuer that operates outside the qualified mortgage market, from Varde Partners.

Cerberus affiliate FirstKey Mortgage will pool outstanding first- and second-lien loans totaling $277.7 million drawn from 1,732 seasoned and performing HELOCs.

OBX 2019-INV2 is a private-label RMBS pool of 1,087 of agency-eligible investor-property loans.

The pool of 497 loans includes first-lien fixed- and adjustable-rate mortgages for single-family homes and multifamily properties, primarily underwritten to self-employed borrowers.

With prospects for government-sponsored enterprise reform improving, players in the private residential mortgage-backed securities market are starting to think about how they could better compete against the GSEs while awaiting change.